May 3, 2015 | Estate Planning
The Obama administration recently released its budget proposal for the 2016 fiscal year. As in past years, this budget proposes changes to the laws governing federal estate, gift and generation-skipping transfer (GST) taxes. Several of these changes would raise...
Apr 15, 2015 | Estate Planning
On December 19, 2014, President Obama signed the Achieving a Better Life Experience Act (ABLE Act) into law. The ABLE Act will allow certain individuals with disabilities to establish tax-free savings accounts that can be used to cover expenses not otherwise covered...
Mar 3, 2015 | Estate Planning
Under federal income tax laws, irrevocable, non-grantor trusts (such as Bypass Trusts and Dynasty Trusts) are subject to highly compressed income tax brackets. In 2014, the top 39.6% tax rate kicks in at only $12,500 of trust income. In addition, trusts in the top tax...
Feb 2, 2015 | Estate Planning
Utah residents who only own property in Utah generally don’t need to worry about paying estate taxes unless they have an estate large enough to incur a federal estate tax. In 2015, the federal estate tax exemption is $5,430,000, which means no estate tax is due...
Jan 28, 2015 | Estate Planning
The Internal Revenue Service has released the official inflation adjustments that will affect 2015 federal reporting for estate taxes, gift taxes, generation-skipping transfer taxes, and estate and trust income taxes. 2015 Federal Estate Tax Exemption In 2015 the...
